Crude oil futures gain on Spanish austerity plans

28 September 2012 11:08  [Source: ICIS news]

LONDON (ICIS)--The front-month ICE Brent contract gained more than $1.00/bbl on Friday as the markets reacted positively to Spanish economic reforms.

By 09:29 GMT, the front-month November ICE Brent contract had touched an intra-day high at $113.40/bbl, a gain of $1.39/bbl from Thursday's close. The contract then edged marginally lower to trade around $113.20/bbl.

At the same time the front-month November NYMEX WTI contract was trading around $92.50/bbl, having touched an intra-day high at $92.71/bbl, a gain of 86 cents/bbl against Thursday’s close.

Many other commodities also made gains on Friday, a day after the Spanish government revealed its 2013 austerity budget, showing plans to slash spending and freeze public sector pay.

By: Kawai Wong
+44 20 8652 3214

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